Message
to the Congress of the United States
May 22, 2003
Consistent with section 204(b) of the International Emergency Economic Powers
Act, 50 U.S.C. 1703(b) (IEEPA), section 5 of the United Nations Participation
Act (22 U.S.C. 287c) (UNPA), and section 301 of the National Emergencies Act,
50 U.S.C. 1631, I hereby report that I have exercised my authority to declare
a national emergency to deal with the unusual and extraordinary threat posed
to the national security and foreign policy of the United States by the threat
of attach-ment or other judicial process against the Development Fund for
Iraq, Iraqi petroleum and petroleum products, and interests therein, and proceeds,
obligations, or any financial instruments of any nature whatsoever arising
from or related to the sale or marketing thereof, and interests therein.

A major national security and foreign policy goal of the United States is
to ensure that the newly established Development Fund for Iraq and other
Iraqi resources, including Iraqi petroleum and petroleum products, are dedicated
for the well-being of the Iraqi people, for the orderly reconstruction and
repair of Iraq's infrastructure, for the continued disarmament of Iraq, for
the costs of indigenous civilian administration, and for other purposes benefiting
the people of Iraq. The Development Fund for Iraq and other property in which
Iraq has an interest may be subject to attachment, judgment, decree, lien,
execution, garnishment, or other judicial process, thereby jeopardizing the
full dedication of such assets to purposes benefiting the people of Iraq.
To protect these assets, I have ordered that, unless licensed or otherwise
authorized pursuant to my order, any attachment, judgment, decree, lien,
execution, garnishment, or other judicial process is prohibited, and shall
be deemed null and void, with respect to the following:

(a) the Development Fund for Iraq, and

(b) all Iraqi petroleum and petroleum products, and interests therein, and
proceeds, obligations, or any financial instruments of any nature whatsoever
arising from or related to the sale and marketing thereof, and interests
therein, in which any foreign country or a national thereof has any interest,
that are in the United States, that hereafter come within the United States,
or that are or hereafter come within the possession or control of United
States persons.

In addition, by my memorandum to the Secretary of State and Secretary of
Commerce of May 7, 2003 (Presidential Determination 2003-23), I made inapplicable
with respect to Iraq section 620A of the Foreign Assistance Act of 1961,
Public Law 87-195, as amended, and any other provision of law that applies
to countries that have supported terrorism. Such provisions of law that apply
to countries that have supported terrorism include, but are not limited to,
28 U.S.C. 1605(a)(7), 28 U.S.C. 1610, and section 201 of the Terrorism Risk
Insurance Act.

I also have ordered that Executive Order 12722 of August 2, 1990, and Executive
Order 12724 of August 9, 1990, which blocked property and interests in property
of the Government of Iraq, its agencies, instrumentalities and controlled
entities and the Central Bank of Iraq that are in the United States, that
hereafter come within the United States, or that are or hereafter come within
the possession or control of United States persons, including their overseas
branches, and Executive Order 13290 of March 20, 2003, which confiscated
and vested certain Government of Iraq accounts, shall not apply to the Development
Fund for Iraq or to Iraqi petroleum or petroleum products, and interests
therein, and proceeds, obligations, or any financial instruments of any nature
whatsoever arising from or related to the sale and marketing thereof, and
interests therein.

I have delegated to the Secretary of the Treasury, in consultation with
the Secretary of State and the Secretary of Defense, the authority to take
such actions as may be necessary to carry out the purposes of the Executive
Order, including the promulgation of rules and regulations. I have also authorized
the Secretary of the Treasury to employ all powers granted to the President
by IEEPA and UNPA to carry out the purposes of the Executive Order. I am
enclosing a copy of the Executive Order I have issued.